ALTERNATIVE PERFORMANCE MEASURES

According to SIX Swiss Exchange’s Directive on Financial Reporting regulations, this section includes definitions of performance measures that are not defined under Swiss GAAP FER.

EBITDA BEFORE REVALUATIONS/DISPOSALS

The EBITDA before revaluations/disposals is a subtotal in the income statement and represents the operating profit before revaluations, disposal of properties, disposal of subsidiaries, depreciation and amortisation.

NET PROFIT EXCLUDING REVALUATION EFFECT

In CHF 1,000

 

1st half 2021

1st half 2020

Net profit

 

132,427

51,202

Income from revaluations

 

–131,156

–35,896

Deferred income taxes from revaluation

 

18,359

4,731

Net profit excluding revaluation effect

 

19,630

20,037

FUNDS FROM OPERATIONS (FFO)

In CHF 1,000

 

1st half 2021

1st half 2020

Cash flow from operating activities

 

10,749

25,137

Cash flow from changes in properties held for sale

 

–1,994

–3,474

Interest received

 

9

150

Interest paid

 

–1,643

–1,739

Funds from operations (FFO)

 

7,121

20,073

GROSS LOAN-TO-VALUE (GROSS LTV)

Interest-bearing financial liabilities in relation to total property portfolio value

In CHF 1,000

 

30.06.2021

31.12.2020

Current financial liabilities

 

215,000

240,000

Non-current financial liabilities

 

435,000

320,000

Total interest-bearing financial liabilities

 

650,000

560,000

 

 

 

 

Properties held for sale

 

19,608

21,501

Investment properties

 

1,648,354

1,468,454

Total property portfolio

 

1,667,962

1,489,955

 

 

 

 

Gross LTV

 

39%

38%

NET ASSET VALUE (NAV) PER SHARE

 

 

30.06.2021

31.12.2020

Equity attributable to the shareholders of Investis Holding SA

in CHF 1,000

898,934

820,818

Number of shares

 

12,800,000

12,800,000

NAV per share (basic/diluted)

in CHF

70.23

64.13

NET ASSET VALUE (NAV) PER SHARE EXCLUDING DEFERRED TAXES WITH REGARD TO PROPERTIES

 

 

30.06.2021

31.12.2020

Equity attributable to the shareholders of Investis Holding SA

in CHF 1,000

898,934

820,818

Deferred tax liabilities with regard to properties

 

157,124

136,643

Net asset value excluding deferred taxes with regard to properties

 

1,056,059

957,461

Number of shares

 

12,800,000

12,800,000

NAV per share excluding deferred taxes with regard to properties (basic/diluted)

in CHF

82.50

74.80

LIKE-FOR-LIKE RENTAL GROWTH (PROPERTIES)

In CHF 1,000

1st half 2021

1st half 2020

Rental income – current period

29,173

29,041

Rental income – prior period

–29,041

–28,050

Increase in rental income

132

990

Rental growth

0.5%

3.5%

of which due to acquisitions

4.0%

6.0%

of which due to disposals

–5.1%

–3.4%

of which like-for-like rental growth

1.6%

0.9%